Gold held above support, will it start rising?

In my yesterday XAUUSD analysis I wrote that the situation for the medium term remains unclear, and this remains the fact so far.
However, there are some good signs for bulls:
First of all, after touching 2010 confluence support, the price reversed quickly to 2040 zone resistance.
Second, yesterday Gold has made a higher low in the 2020 zone.
Considering that, in spite of Monday's movement, the medium-term is still grossly bullish, 2010 could be a local bottom.
In the past 20 hours or so Gold remained in a range and even we have price congestion, a break looking imminent now.

I believe this break will be to the upside and in such a case, 2050 is the next resistance for traders to watch.

At this moment I'm very cautious when it comes to Gold, but 2070 is not out of the question by week's end, if bulls manage to maintain the 2020 zone intact.

P.S: In the alternative scenario, a drop under 2020, I believe, will lead to a break of confluence support (2010) and, in that case, Gold will become bearish in the medium-term.

Yorum:

By the way, on the 15-minute chart, we can speculate an inverted H&S.
The target if we break is around 2050-2055

Yorum:

New York open update:
Gold broke above what looked like an inverted h&s and now is facing horizontal resistance.
A break here would expose 2050-2055 and 2070 in extension